Russians are using pricey yachts to flaunt wealth

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Wealthy Russians are swapping fancy cars for multimillion-dollar yachts, with a sharp increase in the number of the vessels during the last year.

Chris Weafer, an expert on Russia's business elite, told Reuters that for many Russian oligarchs owning a yacht is a way of showing off their wealth to their peers.

Weafer, chief strategist for investment bank Uralsib, said yachts are this year's must-have toy.

"But for many new owners of these expensive toys the enjoyment is more about ownership than actually taking it out on the water," he told Reuters.

"Many of these yachts will simply stay moored to jetties on the Moscow River or on the side of one of the many lakes surrounding Moscow and St. Petersburg, where they will host parties rather than sail on the water," Weafer said.

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